Ad Valorem Tax – (Latin for according to value) A tax imposed on properties in proportion to each property’s value. The most common are the ad valorem taxes on real and personal property, which are based on either the assessed or the appraised values.
Real Property – All land and the buildings, structures, or improvements on that land.
Personal Property – All things other than real estate which have value such as cars, trucks, boats, motorcycles, and airplanes, and items used in businesses such as furniture, fixtures, and equipment. All questions regarding personal property should be directed to the Auditor’s Office.
Fair Market Value (FMV) – Value as defined by 12-37-930 which states that “All property must be valued for taxation at its true value in money which in all cases is the price which the property would bring following reasonable exposure to the market, where both the seller and the buyer are willing, are not acting under compulsion, and are reasonably well informed of the uses and purposes for which it is adapted and for which it is capable of being used.”
Property Tax Value (PTV) or Capped Value – Each political subdivision shall value real property by a method in which the value of each parcel of real property, adjusted for improvements and losses, does not increase more than fifteen percent every five years unless an assessable transfer of interest occurs. Value as limited by Article 25 Chapter 39 of Title 12.
Assessed Property Value – The amount of a property’s value that is subject to be taxed, as determined by the Assessor. To determine the assessed value, the property tax value(PTV) is multiplied by the appropriate assessment ratio as noted below.